THE Australian Workers’ Union (AWU), alongside the Approved Employers of Australia, has launched a campaign to pressure the Federal Government to change rules that see guest farm workers having 35 percent of their superannuation seized by the government on departure.

The AWU is calling on Superannuation Minister Stephen Jones to urgently step in and change the system that taxes Pacific Australia Labour Mobility (PALM) workers’ super and makes it administratively difficult to get it paid into a Pacific bank account. 

The AWU’s campaign is calling on the government to make four changes to the settings of superannuation for workers on the PALM Scheme: 

Simplify superannuation paperwork
Streamline the process by allowing PALM workers to complete all superannuation-related paperwork upon arrival in Australia, reducing administrative burdens and delays when accessing their savings.

Eliminate Departing Australia Superannuation Payment (DASP) withdrawal taxation
Remove the high withdrawal taxes currently imposed on PALM workers’ superannuation, ensuring that they can retain more of their savings for their future.

Facilitate portability to home retirement funds
Where possible, create options for PALM workers to transfer their superannuation to independent retirement funds in their home countries, helping them build long-term financial security.

Establish preferred superannuation funds
Promote Australian Super and Prime Super as preferred funds in the PALM guidelines to simplify access, prevent for-profit exploitation, and support targeted campaigns to educate workers on their super options.

AWU national secretary Paul Farrow said, “The PALM scheme is not just about sourcing labour, it’s meant to engender good relations with our Pacific neighbours. It’s pretty tough to see how seizing 35 percent of workers’ superannuation is sending the right message.

“I think it’s a very bad look for Australia, especially considering what has happened in this nation’s history, to be unreasonably seizing the hard-earned wages of Pacific workers. PALM workers tell us it leaves a very sour taste in the mouth, and that’s the very opposite of what the scheme is meant to achieve.

“Dodgy employers and labour hire firms have been a real blight on the PALM scheme during the Coalition years in government when the Nationals turned a blind eye to abuse,” Mr Farrow said. “Although problems definitely persist, the Albanese Government has done a commendable job at cleaning up the mess. But this 35 percent cent super grab is just a stupid own goal.

“This is honestly one of the easiest changes I can imagine,” he said. “I’ll be personally recommending to Stephen Jones that he push this through as a matter of urgency. What reasonable person would stand in his way?

“Meanwhile the current administrative process confounds, delays and often denies PALM workers thousands of dollars in earnings. According to a recent study, a third of all workers in the scheme are just unable to access the super they earned.”

www.awu.net.au

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AGP SUSTAINABLE Real Assets (AGP), a Singapore-based global infrastructure and real assets developer and operator, yesterday announced a strategic, preferred investment from Stonepeak, a major global alternative investment firm specialising in infrastructure and real assets. 

AGP partner Ben Salmon said as a strategic capital partner, Stonepeak would  bring valuable expertise to the AGP management team and help to accelerate the growth of AGP’s portfolio across business verticals including energy transition and sustainable community infrastructure across housing, logistics, and data.

The partnership would also give Stonepeak the opportunity to invest across new markets and sectors with a trusted local partner. Together, he said, Stonepeak and AGP would work to further AGP’s mission to build real assets that enable a sustainable and net zero emissions future. 

“This strategic investment represents a pivotal milestone in AGP’s journey,” Mr Salmon said. “We are thrilled to be working with such a high-calibre partner in Stonepeak and foresee this investment as a powerful catalyst for our forward trajectory.

“AGP is committed to reshaping the landscape of infrastructure development. Our aim is to seamlessly integrate energy and community infrastructure, developing innovative sustainable solutions that meet society’s evolving needs.”

Stonepeak senior managing director, Hajir Naghdy said, “We look forward to partnering closely with AGP’s management team, who have over 20 years of experience in the development, construction, and operation of sustainable infrastructure.

“AGP’s global energy transition portfolio, logistics and community housing platform in India, and data centre joint venture with Stonepeak’s existing portfolio company, Digital Edge, are directly aligned with Stonepeak’s key verticals. The opportunity to invest in sustainable asset creation and the exposure across multiple geographies make this partnership a strong fit for Stonepeak’s Asia infrastructure strategy.”

AGP partner and CIO of AMPYR Energy Global, AGP’s global renewable energy platform, Elmahdi Tahri said, “In Stonepeak we have found a unique like-minded partner able to support our energy transition mission across our entire footprint. We are excited to take AMPYR’s decarbonisation contribution to new heights alongside Stonepeak.”

Headquartered in Singapore, AGP invests in, develops and operates sustainable real assets across three key investment themes: renewable energy, infrastructure and communities, and natural capital.  AGP’s mandate is to promote real assets that generate positive impact for people and the environment, by focusing on ‘sustainable real assets’— transformative infrastructure assets that make positive contributions to satisfying the UN Sustainable Development Goals (SDGs). AGP is presently developing, constructing or operating globally an aggregate portfolio of more than 12GW of renewable energy assets, 5msqft of modern logistics warehousing, 310MW of data centre capacity, and 20msqft of community housing. 

Stonepeak is headquartered in New York with offices in Sydney, Hong Kong, Houston, London and Singapore. It is a major alternative investment firm specialising in infrastructure and real assets with about $57.1 billion of assets under management. 

A spokesperson for the company said through its investment in defensive, hard-asset businesses globally, Stonepeak aimed to create value for its investors and portfolio companies, and to have a positive impact on the communities in which it operates.

Stonepeak sponsors investment vehicles focused on private equity and credit. The firm provides capital, operational support, and committed partnership to sustainably grow investments in its target sectors, which include communications, energy and energy transition, transport and logistics, social infrastructure, and real estate. 

www.agpgroup.com

www.stonepeak.com

www.ampyrenergy.com

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THE Asia Pacific Cities Summit (2023APCS) and Mayors’ Forum returns to Brisbane from October 11-13. It is one of the world’s largest and most diverse gatherings of mayors and local government delegates from more than 140 cities globally.

The most recent ‘in-person’ APCS was in 2019, prior to the Covid global pandemic. Staged in Brisbane, it attracted 1,484 delegates from 140 Cities (92 international and 48 domestic); 83 Mayors (42 international and 41 domestic); 196 speakers and presenters; 164 Young Professional delegates; 86 exhibitors; 35 APCS partners; and organisers facilitated 149 business meetings. City projects presented at the event totalled $4.2 billion.

Now in its 27^th year, the award-winning biennial event is shared between Brisbane and offshore host cities and, as it has done over its three decades, 2023APCS is set to bring a multi-million-dollar boost to Brisbane’s economy. 

Brisbane Lord Mayor Adrian Schrinner said the 2023APCS would focus on several key topics including shaping cities, sustainability, business expansion and tourism benefits.

“Each year, the APCS event aims to connect leaders across government, business, and industry to identify common challenges, exchange knowledge and drive commercial outcomes,” Cr Schrinner said.

“While a special hybrid edition of APCS was held in Brisbane in 2021, the 2019 edition of the program saw more than $7.5 million injected into our economy during the event.

“We saw more than $4.2 billion worth of city-ready project tenders presented and more than $1.5 million in business transactions signed,” he said.

“The event will provide a forum where tangible business outcomes can be realised, as the region looks to drive economic growth and job creation ahead of the Brisbane 2032 Olympic and Paralympic Games.

“The decisions and partnerships formed during this event will impact more than half a billion people worldwide, making it the ultimate networking event here in Brisbane.”

Shaping cities for the future

The 2023APCS theme ‘Shaping Cities for the Future’ will be the key discussion point among the keynote speakers on show, including Canadian award-winning author Charles Montgomery, Korean-Australian two-time world champion debater and former Harvard debate team coach, Bo Seo, and president of the Organising Committee for Brisbane 2032 Olympic and Paralympic Games, Andrew Liveris AO. 

Charles Montgomery, author of acclaimed book, Happy City, will share invaluable insights on creating happier, healthier, and more inclusive cities.

World champion debater, Bo Seo, will draw on his experience in debating to discuss the benefits of constructive arguments and disagreements, and highlight how important it is for leaders to engage in productive disagreement.

Brisbane 2032 Organising Committee president, Andrew Liveris, will dive further into his political background, having advised three US Presidents. He also served as co-chair of President Barack Obama’s Advanced Manufacturing Partnership. He will further explore the incredible benefits of the 2032 Olympic and Paralympic Games on Brisbane and South East Queensland.

Connecting local business to the world

The event will also see a number of business networking opportunities across industry, product exhibitions and an exclusive young professional’s leadership program conducted through Griffith University.

Cr Schrinner said the event would be the crown jewel in Brisbane’s business events calendar.

“This fantastic opportunity to network in person with business leaders from all over the world only comes around every two years and is not to be missed,” Cr Schrinner said. 

“I invite Brisbane’s business community to get involved and see how you can expand your operations across the Asia Pacific market and beyond.”

The 2023APCS is sponsored by leading organisations, including presenting sponsor Visy; principal partners Airbnb, St Baker Energy Innovation Fund and Arup; major partners Milken Institute, KPMG and Griffith University; and partners EarthCheck, Mastercard and Volvo.

Sponsors include GHD, HCL Tech and Shayher Group; and supporters are Acciona, APAC Network, ARIA, Articulous, Brisbane Airport Corporation, Brisbane Economic Development Agency, Council of Mayors South East Queensland, Gadens, Neuron, Populous, Queensland Futures Institute, Queensland University of Technology, Regional Development Australia, Smart Mortage Corp, Solomons Group, Study Queensland, Smart Cities Council and UN Women Australia.

Registrations are now open at www.apcsummit.org

For more information about the 2023APCS, contact Brisbane City Council at brisbane.qld.gov.au or call 3403 8888.

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